In a small bowl, combine sriracha, honey, olive oil, lime juice, water, chili powder, garlic powder, onion powder, paprika, and salt. Mix well to create the marinade.
If you are using chicken breast, slice it in half width-wise so that the breasts are thinner and will cook faster.
Place the chicken in a large resealable bag or a shallow dish. Pour the marinade over the chicken, ensuring that it is evenly coated. If using a bag, seal it tightly, removing as much air as possible. If using a dish, cover it with plastic wrap. Marinate the chicken in the refrigerator for at least 15 minutes, or overnight for maximum flavor.
Preheat your grill to medium-high heat. If using a gas grill, preheat for 5-10 minutes. If using charcoal, wait until the coals are covered with white ash before placing the chicken on the grill. I aim for 400°F for my grill.
Remove the chicken from the marinade, allowing any excess marinade to drip off.
Place the chicken on the grill and close the lid. Cook for about 5-7 minutes per side, or until the internal temperature reaches 165°F (74°C). Turn the chicken only once to ensure even cooking.
Once cooked, remove the chicken from the grill and let it rest for a few minutes to allow the juices to redistribute.